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Home » Precious metals traded lower over positive US Treasury bond. Major MCX Commodity Update for the evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals traded lower over positive US Treasury bond. Major MCX Commodity Update for the evening session.

Precious metals

 

 

Precious metals traded lower on Thursday over a positive US Treasury bond as it made investors turn to the riskier asset. Gold down by 0.58% while Silver down by 0.91%. On the other hand, Crude oil traded sideways due to the ongoing OPEC+ meeting as it will decide whether to increase supply or it will remain unchanged which will also decide the further direction of Crude oil prices.

Today, traders should concentrate on Revised Nonfarm Productivity q/q along with Revised Unit Labor Costs q/q, Unemployment Claims, Factory Orders m/m, and Natural Gas Storage from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 7:00 PM Revised Nonfarm Productivity q/q [{Previous (-4.8%)} {Expected (-4.7%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM Revised Unit Labor Costs q/q [{Previous (6.8%)} {Expected (6.7%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM Unemployment Claims [{Previous (730K)} {Expected (758K)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM Factory Orders m/m [{Previous (1.1%)} {Expected (2.2%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 9:00 PM Natural Gas Storage [{Previous (-338B)} {Expected (-149B)]. Forecast figure is negative for Natural gas price.

 

 

Technical Levels of Precious metals and other Major Commodities

 

Gold (Apr)

Gold has its support at 44500 and resistance at 45100.

Break and sustain below 44500 will take it to 43800—43500 or else it could test its resistance again.

Fresh buying will do on a close above 45100.

Trade with the levels only.

 

Silver (May)

Silver has its support at 66200 and resistance at 67700.

Break and sustain below 66200 will take it to 64700—64500 or else it could test its resistance again.

Fresh buying will do on a close above 67700.

Trade with the levels only.

 

Crude oil (March)

Crude oil has its support at 4360 and resistance at 4540.

Trade within the range and wait for confirmation.

 

Natural Gas (March)

Natural gas has its support at 203 and resistance at 208.

Break and sustain below 203 will take it to 198—195 levels or else it could test its resistance again.

Fresh buying will do on a close above 208.

Trade with the levels only.

 

Zinc (March)

Zinc has its Support at 210 and resistance at 215–218. (

If Zinc (Cmp 211.30) holds its support level of 210 then we can expect a rise to 215 in it.

Fresh selling will do below 210 levels.

Trade safely with the levels only.

 

 

Commodity Update on WhatsApp

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

 

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